Hatch, who founded Penrose in 1998 with fellow Ludgate Communications partners Gay Collins, Nicolls and Shona Prendergast, has been put on three months’ gardening leave.
Nicolls dismissed speculation that differences of opinion centred on Hatch’s relations with joint head of retail Claire Burston, but would not elaborate. Hatch declined to comment.
Hatch’s 20 per cent stake in Penrose is to be redistributed among staff and senior partners including Nicolls, Burston (who joined the Penrose board earlier this year), MD Collins and chairman Bill Jones.
Burston, whose main client is Credit Suisse Asset Management, will take full control of Penrose’s retail division. Hatch’s main clients were the Sanlam Financial Services Group, Axa Investment Managers and Investec. Burston and Hatch both looked after Threadneedle Investment Managers.